The (Cronyist) Legacy of the Auto Bailouts
By Editor on January 14, 2014
The bailouts were good for the politically important United Auto Workers. For pretty much everyone else it wasn’t such a good deal.
- (From The Library of Law and Liberty)
- But it doesn’t justify everything else that truly characterized the bailouts: the heavy-handed intervention of the Obama administration to transfer taxpayer dollars to powerful political allies, use of its leverage to plunder the property rights of less-politically connected Americans, and to turn America’s largest automaker into a vehicle for off-budget political policymaking. To argue that a temporary crisis in credit markets somehow justifies the cronyism and lawlessness that define the bailouts is to allow the tail to wag the dog.
- But it doesn’t justify everything else that truly characterized the bailouts: the heavy-handed intervention of the Obama administration to transfer taxpayer dollars to powerful political allies, use of its leverage to plunder the property rights of less-politically connected Americans, and to turn America’s largest automaker into a vehicle for off-budget political policymaking. To argue that a temporary crisis in credit markets somehow justifies the cronyism and lawlessness that define the bailouts is to allow the tail to wag the dog.
http://www.againstcronycapitalism.org/2014/01/the-cronyist-legacy-of-the-auto-bailouts/ --
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